Actuarial studies vs engineering (2 Viewers)

[D94]

You pay thousands and thousands of dollars for your degree, why shouldn't they give you the extra support?

Extra support is completely different to holding your hand and doing all the work for you. If you can't even organise a 12 week placement, what hope do you have with finding a grad position or an entry level job?

They do help with providing lists of potential companies that have offered placements in the past (at least at UNSW). But if you think a single university will organise 2000 placements each year, then you're in for a rude shock when you never finish your degree.

Cost of the degree has nothing to do with the university. That is determined by the government. Most universities charge the cap cost, but that's because they can, and cost is hardly a factor in the decision of a student when deciding which uni they want to go to - all universities in Sydney charge the cap or extremely close to it.

Also, the industrial training is an Engineers Australia requirement, not a university requirement. If the university wants to continue to provide accredited degrees, they also need to adhere to Engineers Australia requirements.

 

[mreditor16]

Don't forget that after you finish actuarial studies you have to pass 14 examinations to actually become an actuary fellow (if you want to work as one).

That's actually an exaggeration, fyi. If one does a double degree and gets the required marks in the required subjects at uni, they pass Part I and Part II, making them an associate of the Institute, which pretty much means you're looking at jobs that pay at least $60 000. Then, while you're on the job, you essentially do four exams for Part III, but this process (studying for it, going to relevant workshops etc) usually takes people around three years. Once you complete Part III, you're qualified as a Fellow of the institute, and then you're looking at jobs that pay $100 000 plus.

As a person who is interested in actuarial studies, what are the processes required in order to become an actuary. Can you please explain it to me in the form of a timeline?

Take a look at this link -

http://www.actuaries.asn.au/studying-with-the-institute

How about actuarial studies, how hard is it to find work experience?

From what I've heard, there are 5-10 companies which offer actuarial internships to penultimate and/or final year students - which isn't too bad, considering how many students actually make it to those stages of the actuarial degree.

 

[Ekman]

That's actually an exaggeration, fyi. If one does a double degree and gets the required marks in the required subjects at uni, they pass Part I and Part II, making them an associate of the Institute, which pretty much means you're looking at jobs that pay at least $60 000. Then, while you're on the job, you essentially do four exams for Part III, but this process (studying for it, going to relevant workshops etc) usually takes people around three years. Once you complete Part III, you're qualified as a Fellow of the institute, and then you're looking at jobs that pay $100 000 plus.



Take a look at this link -

http://www.actuaries.asn.au/studying-with-the-institute



From what I've heard, there are 5-10 companies which offer actuarial internships to penultimate and/or final year students - which isn't too bad, considering how many students actually make it to those stages of the actuarial degree.

Wow actuarial seems pretty full on then, I also heard that you need to have an above distinction average in your first year in order for companies to even consider offering you internships in your second and third year, is this true?

 

[mreditor16]

Wow actuarial seems pretty full on then, I also heard that you need to have an above distinction average in your first year in order for companies to even consider offering you internships in your second and third year, is this true?

No, that's not necessarily true. It does help, but it isn't as cutthroat as you suggest.

 

[Ekman]

I think this is worth considering I guess: http://joboutlook.gov.au/occupation.aspx?search=&tab=prospects&cluster=&code=2241

 

[GoldyOrNugget]

what about software? What are the chances of getting work experience at some mega company say Microsoft, Google, etc.

Google and Microsoft internship programmes are highly competitive and 'chances' don't really come into it. If you're smart, you're a great engineer, and you interview well, you'll probably get an internship. If any of these things aren't true, you won't.

Microsoft and Google are both close to UNSW and USyd.

 

[bleachigo]

On average how many individuals actually become qualified actuaries per year or even graduate the uni course. Does anybody know because i've hear that the course has high dropout rate

 

[faisalabdul16]

On average how many individuals actually become qualified actuaries per year or even graduate the uni course. Does anybody know because i've hear that the course has high dropout rate

The course is demanding and yes a lot of people drop out.

Actuarial studies is a degree that requires consistent studying, effort and a good work ethic. If you want to party every weekend or have fun every weekend and bludge, then actuarial studies will not be a good choice of a degree.

 

[mreditor16]

On average how many individuals actually become qualified actuaries per year or even graduate the uni course. Does anybody know because i've hear that the course has high dropout rate

On average, from what I've heard, from a cohort of say 100 people starting actuarial studies in first year, 30 will make it through the first three years - the other 70 is composed of those who drop out either because they realise that actuarial studies isn't for them (most because it doesn't interest them) or because they fail a subject and drop out (NB - Some people who do fail an actuarial subject actually do have a go at it again in the next semester the subject is offered, so they technically don't drop out, they just get moved to another actuarial cohort if that makes sense). Then, out of the 30 remaining, 5 or so will usually decide to go straight into the workforce and the remaining 25 others will launch into a fourth year and have a go at Part II exemption subjects. From those 25, usually just over 10 will be able to get the required marks in the fourth year subjects.

 

[4025808]

Practically actuarial is the survival of the fittest.

Engineering has similar cases, although I hear the dropout rate is much lower due to workload being easier (methinks). Plus most of the people who end up dropping out are in first year, and are those who failed maths/physics subs or just ceebs. I hear the workload is greater (as in lots of assignments due here and there) but the work itself is easier.

 

[4025808]

what about software? What are the chances of getting work experience at some mega company say Microsoft, Google, etc.

You've gotta be top notch on those. Not only good grades (DNs, HDs) but you also need to show work experience, extracurriculars, projects and the quality of them (this is very important, i.e. the work that you do outside of uni, i.e. coding a webstie, debugging, github projects, etc.). I remember people applying to Google had told me a specific line stating "We don't care about your cover letter, your work speaks for itself.", so in which your "work" means projects, websites and other practical stuff outside of coursework.

I thought it must be a paid internship for 60 days industrial training?


unsw is pretty close with microsoft, google but probably have to be a top gun to be considered

Well depending on faculty I'm quite certain they can let you off with unpaid industrial training.

Unless the rules have been changed and if every faculty is required to enforce the unpaid industrial training thingo then be it.